Hertz sues analyst who suggested that it could go bankrupt
By Andrew C., 30 Aug, 2010. 0 Comments
Over a report predicting that Hertz Global Holdings Inc. is likely go bankrupt within a year, the world‚ largest rental car company has sued Audit Integrity Inc. and its CEO, Jack Zwingli, for defamation and trade libel.
The complaint was filed last Friday with the Bergen County Superior Court in New Jersey. The report published on Sept. 15 report had listed Hertz among 20 large companies "most likely to declare bankruptcy" within a year. In a statement, Mark Frissora, Hertz‚ CEO, said that the lawsuit was an ‚Äúappropriate response to the publication of false and harmful information" about Hertz. Frissora, who became CEO of Hertz in July 2006, had served as CEO of auto supplier Tenneco Inc. Zwingli also issued a statement. He said, "Not only are the conclusions about our financial health baseless, but questioning the integrity of our financial reporting is indefensible." Zwingli said that he was disappointed that Hertz has taken this action in ‚Äúan attempt to stifle an opinion they do not agree with.‚Äù He asserted that they firmly stand behind their methodology and findings. Hertz has traded in a range of $1.55 to $11.99 over the last year.
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